House Panel to Hear Federal Insurance Office Proposal June 10

A House subcommittee has scheduled a hearing next week into a proposal to create a federal insurance information agency in Washington, D.C.

Congressman Paul E. Kanjorski, D-Pa., chairman of the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, announced that the subcommittee will hold a hearing on his H.R. 5840, the Insurance Information Act of 2008, on Tuesday, June 10, at 10 a.m.

Kanjorski’s legislation would create a federal Office of Insurance Information within the Department of the Treasury to provide advice and expertise on insurance policy to the administration and to Congress.

Kanjorski and four other members of the House Financial Services Committee introduced H.R. 5840 in April.

“The creation of an Office of Insurance Information would provide an effective way to help Congress and the federal government make more informed decisions regarding national and international insurance policy,” said Kanjorski.

“Congress continues to vote regularly on insurance matters. In order to create the most effective and sensible legislation, we, as lawmakers, must educate ourselves on insurance policy and build a knowledge base in the federal government on these issues. An Office of Insurance Information would help initiate such sought after results,” he said.

Lawmakers and industry and consumer representatives are expected to testify at the hearing.